FY 2024 as of December 31, 2023
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MESSAGE FROM THE EXECUTIVE DIRECTOR & CEO
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As a lifelong Alaskan, I’m continually astounded by the history, foresight, and vision that the founders of the Alaska Permanent Fund exhibited. By permanently allocating a portion of the royalties and providing ongoing protection against inflation, they made sacrifices to ensure all generations would benefit from the state’s resource wealth. The resilience demonstrated over the years in defending and advancing the Fund to its present level is something that every Alaskan can take great pride in.
This legacy frames the duty and responsibility for us as the current generation of Alaskans, to protect and manage the wealth of the Fund. We face many challenges in today’s dynamic market but remain diligent in our portfolio management, focusing on achieving best-in-class performance. Investing the Fund to ensure that it benefits us both today and in the long term requires commitment, discipline, and accountability.
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Deven Mitchell
Asset Allocation
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The Fund has evolved over the last 40 years from 100% bond investments in 1977 to now include investments in the stock market, real estate, and alternatives. The Board’s asset allocation focuses on achieving the Fund’s long-term return objective of CPI + 5% with prudent diversification and within the approved risk profile. This strategy has served the Fund well over the decades and ensures sustainability into the future.
PERFORMANCE
We have reached the halfway point of the 2024 fiscal year, and we have seen strong performance in financial markets that have driven a fiscal year-to-date return of 3.54%. As the markets strengthen, we are also pleased by the resiliency of the portfolio’s ability to handle fluctuations.
Read Full Performance Report
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THE FUND: A RENEWABLE REVENUE RESOURCE
The Permanent Fund has become, as intended, an enduring financial resource. By generating wealth from its non-renewable resource foundation, the Fund has grown from an initial deposit of $734 thousand in royalties to $77.4 billion at the close of December 2023. This remarkable trajectory is a testament to the visionary leadership of the Alaskans who laid the foundation of the Fund with a strong commitment to intergenerational benefit.
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Board
OF Trustees
The Board of Trustees guides the Alaska Permanent Fund’s investment strategies, including strategic goals, asset allocation, and risk tolerance.
Alaska Statute directs that the Alaska Permanent Fund Corporation manage and invest the assets of the Fund and other Funds as designated by law. APFC's mandate is clear: to protect the Principal and maximize returns for all generations of Alaskans.
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Ethan Schutt
Chair
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Gabrielle Rubenstein
Vice Chair
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Jason Brune
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Craig Richards
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Adam Crum
Commissioner of Department of Revenue
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Ryan Anderson
Commissioner of Department of Transportation and Public Facilities